The Portland daily press., 1887-12-14
Many Improvements In the Roads
Property and Equipment.

Taxes. s.............. e1,135.46
- 1,94s. .479.64
-----~-
Net earnings from
business ...........4. Sl,1Y3, ,327.39
year.:;............s 717.oeso9
Less rents received. S,869.98
Rentals paid Euro.
pean q No. Amer
Rentals paid Belfast
R. r. Co -. 100000
Co..:.....;;.-...... 100000
ern Maine Railway s,soo.oo
.-s s97,19s.11
Earnings after de-
ducting interest and
rentals. :. .;;..;:.;. 8 20e,7292s
ruary 10Th, per
Dividend paid Au- ''''''"
cent............... 107,7s9oo
----s 2i5,5ss.oo
Surplus for year. 611312S
Gross earnings for
Sept Both, 1886. .s3, ,001 ,076.00
Gross earnings for
Sept Soth. 1887. s,142, ,4o7.o3
Increase In gross
earnings ............. l41 800 "a
Expense for the
year ending Sept
Both, 1856; .......s1.s .s2o,74o1s
Expense for the year
ending Sept. Both,
Increase in ex-
Rental for year
1856; e;:.:..........s 1s9.ooo.oo
1887. ............... r . 1se,ooooo
Interest for year
ending Sept. 30th,
1886. 7O7120.G6
Interest for year
iss7.....'......... @ 717.oes.oo
Increase In Int. 9,939.43
Net income for year
ending Sept 3Oth,
Net income for year
ending Sept. 3oth,
Iooo.-............ l,zOz,I3IoT
Increase in net In
Number of miles op-
Grated year end
ing Sept. s0th,
Number of miles op-
Grated year end
Ing Sept S0th.
Receipts for freight
year ending Sept.
30th 1886. S1,5S5 4G4.12
Receipts for freight
year ending Sept.
3Oth, 1So7........ 1,509, ,6S7.47
Increase .... i4,22s,a5
Receipts from pas
sengers year end
ing Sept. 30th,
1Sss;..;........... s1,2e4.s59.24
Receipts from pas
sengers year end
ing Sept. 3Oth,
1887. 7............... 1.3S4,226.41
Increase. ........... 1I9,37417
Another fairly prosperous fiscal year has
closed, showing, as per statement above, an
increase In our business of approximately
one hundred and forty-two thousand dol
lars In gross earnings. 1t will be noted that
about eighty-f0ur per centum of this in
crease is in our passenger traffic, our freight
traffic having suffered severely from the eff
fects of the Interstate Commerce Law,
which went into operation April 5th, 1887
For several months we did not feel justified
under n1ss this thus la law in attempting to compete
with rates Dy water, and this continued un-
til by the ruling of the commissioners. rail
lines were permitted to make rates reasona-
bly, competitive with those named by water
During this time large amount Of freight
was diverted to water routes, much of which
has since resumed its former channel, and Is
now shipped by rail.
BY reason of the above, and in consequence
OF the great freshet, which for two weeks In
May compelled complete suspension OF all
trafiic on the eastern portion Of our line, our
freight receipts were largely reduced. With
out these drawbacks the years operations
would have shown nearly as large an in
crease In freight as in passenger traffic. The
result, however, Is not discouraging. but in
dicates steady growth Of business along
our line, which increase we may reasonably
expect to continue in the future.
The net results are about the same as last
year, showing surplus Of S81, 900 after pay
ment OF all fixed charges, operating expenses,
and two semi-annual dividends of three per
centum each. 1t will be noticed that the ex-
penditures for permanent improvements this
year are about 100000 In excess Of similar
disbursements last year. All expenditures
for this year have been charged to operating
expenses, except cost Of land purchased,
new shops, and double track from West
brook Junction to Cumberland Junction.
The new union station near Congress street,
Portland, TO which reference was made in
our last annual report, Is now In process Of
erection by the Portland Union Railway
Station Company. The entire capital stock
Of this Station Company, Is owned equally
by the Maine Central and Boston x Maine
railroads. This station when completed will
compare favorably in its appointments with
any in New England, and will add much to
the comfort and convenience of our patrons.
The new locomotive and car shops at
w
proving great benefit TO the company
These shops are well arranged and fully
equipped with the most modern tools and
machinery. and are capable of doing our
work with dispatch and economy; their
capacity is sufficient to meet the needs Of
this company for many years to come
While our mileage has not been increased
during the year. we have not lost sight of
the Importance Of extensions from Hancock
eastward along the coast, and from other
points ON our line to localities in the interior
of the State. The natural resources of these
localities already afford much business, and
a rapid development and large increase
would at once result from connection with
our railroad system. Our relations with all
connecting roads continue amicable. The
report of the General Manager and of the
Treasurer submitted herewith with tables
annexed will give you full information in
regard to the physical and financial condi-
tion Of your property.
BY order OF the Board,
ARTHUR SEwALL,
President.